Obama signs sweeping Wall Street over...

Obama signs sweeping Wall Street overhaul into law

There are 3 comments on the Long Beach Press-Telegram story from Jul 21, 2010, titled Obama signs sweeping Wall Street overhaul into law. In it, Long Beach Press-Telegram reports that:

Reveling in victory, President Barack Obama today signed into law the most sweeping overhaul of financial regulations since the Great Depression, a package that aims to protect consumers and ensure economic stability from Main Street to Wall Street.

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Ontario, CA

#2 Jul 21, 2010
It's amusing it doesn't address the main driver of the financial meltdown. That would be Fannie and Freddie.

Redondo Beach, CA

#3 Jul 21, 2010
This bill did not address:

1. Reinstating the Glass-Steagall Act, repealed in 1999, which allowed investment banks and commercial banks to merge, which led to the financial derivatives that helped kill the mortgage industry.

2. Financial derivatives like collateralized debt obligations, high risk junk sold as low risk securities by the merged commercial/investment banks like Goldman Sachs.

3. Unregulated hedge funds making high risk gambles with the money of unwitting investors.

4. Elimination of the idea of "too big to fail" financial monstrosities.

5. Reigning in of the government run hedge funds called Fannie Mae and Freddie Mac, who guaranteed bank loans, thus encouraging lenders to make outrageous lending gambles by eliminating all of the risk.

6. Eliminating the risky credit practices of the private Federal Reserve Bank, which provided economic stimulus all through the decade which, instead of stimulating, destroyed.

Chris Dodd, on his way out of Congress with nothing to lose, but everything to gain as he heads to the private financial industry handed this thing to the bankers on a platter. As did Barney Frank, another Wall Street favorite.

Nothing but another public relations gimmick by just another lying administration and Congress, set up to make it look like something is being done on behalf of the public, while the bill actually was written for the bankers on Wall Street.

Kind of like the past few economic stimulus packages, Like health care "reform". Like cap & trade will turn out to be unless we do not let it happen.
clyde LB

Victorville, CA

#4 Jul 21, 2010
Illegals walk and
amnesty for Freddie & Fannie
or is it
amnesty for illegals
freedie and fannie walk
same o same o

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